The Crime Branch Police on Thursday raided various offices of Ashore Group of Companies, a multi-disciplined business enterprise in the State.
The raids were conducted at two company offices at Balasore and Bhubaneswar.
The CB is said to have conducted the raid after getting tipped off about the company’s illegal money circulation business. The raids come days after similar raids on the Bhubaneswar-based Seashore Group of Companies.
Additional Director-General Police (Crime Branch) B K Sharma said the raids were conducted to verify their process of business, which is illegal in the eyes of law. “The company had been collecting deposits from the unsuspecting people promising them returns at an interest rate of 18 to 36 per cent per annum,” he said.
The CB sleuths have seized documents relating to the transactions, computers and several registers containing information about the depositors. The company, which has branches at Balasore, Jajpur, Baripada and Bhubaneswar, is learnt to have collected deposits of around Rs 200 crore through agents from at least one lakh persons in the State.
A case has been registered against the company for cheating the depositors. “Four persons, two each from Balasore and Bhubaneswar, including its managing director Biresh Kumar Choudhury and one of its directors P K Pothal have been detained. We are interrogating them,” he said.
Crime Branch would take legal action basing on the seized documents, which are under scrutiny.
Sharma said the CB would continue similar crusade against such illegal money circulation business. “It is learnt that the Ashore company had been doing a business of Rs 2 to 3 crore a day. We have frozen at least seven accounts of the company in Axis, UCO and IDBI banks,” he added.
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